UIDAN.org

Want to save for a home? UIDAN offers a matched savings account called an Individual Development Account (IDA) in which you can save for your education, small business, home, or an assistive technology device. For every $1 you save, UIDAN will match it with $3. You can save up to $1,500 in your IDA and receive up to $4,500 in match money, giving you a total of $6,000 to invest in your goal.

LoanToOwn.net

Down Payment and Closing Cost Assistance. To qualify a house must be within the Utah County Consortium of Cities: Lehi, Lindon, Orem, Payson, Pleasant Grove, Spanish Fork, Springville, Unincorporated Utah County. 0% interest deffered loan for low and moderate income households who qualify.

UtahHousingCorp.org

Utah Housing Corporation (UHC) was created in 1975 by Utah legislation to serve a public purpose in creating an adequate supply of money with which mortgage loans at reasonable interest rates could be made to help provide affordable housing for low and moderate income persons.

USDA.gov Guaranteed Home Loans

The Housing and Community Facilities Programs is an agency of the U.S. Department of Agriculture (USDA). Located within the Department’s Rural Development mission area, HCFP operates a broad range of programs to provide:

homeownership options to individuals;

housing rehabilitation and preservation funding;

rental assistance to tenants of HCFP-funded multi-family housing complexes;

farm labor housing;

help to developers of multi-family housing projects, like assisted housing for the elderly and disabled, or apartment buildings; and community facilities, such as libraries, child care centers, schools, municipal buildings, and firefighting equipment to Indian groups, nonprofit organizations, communities and local governments.

HCFP administers direct loans, loan guarantees and grants. Direct loans are made and serviced by USDA staff; loan guarantees are made to banks or other private lenders, and grants are made directly to a person or organization.

Provo City Home Purchase Plus

A 0% deferred payment loan to assist low-income families/individuals in becoming home owners in Provo.
The Home Purchase Plus loan is to provide down-payment assistance of up to$20,000 in the Pioneer Neighborhoods and Central Business District Neighborhoods (see map) or $10,000 elsewhere in Provo.

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I make it a high priority to be available to my clients, feel free to contact me anytime.

Lewis Barton, Associate Broker
Cell: 801-427-1333
Fax: 801-437-2100
Address: 1815 North 1120 West, Provo Utah 84604
Email: email@LewisBarton.com

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Wondering about the housing market in 2012? Here is an interesting little tid-bit from our friend Ron Witherton. He outlines what it will take for the housing market to take an up-swing this year.

“2012 began with mortgage rates hovering at 60-year lows, and many hopeful signs for the coming year. Housing continues to have challenges, but more and more signs are beginning to point toward a recovery. Could we see housing finally turn the corner in 2012? The biggest boost to housing would likely come from a more robust labor market. We ended the year with a sizeable 200,000 new jobs added, with slightly more than that added in the private sector, as governments shed 12,000 jobs. However, The Fed is not taking a wait-and-see approach to housing. The Fed sent a 26-page paper to lawmakers urging action in the housing market. Some potential actions include greater use of Freddie Mac and Fannie Mae, loosening of credit standards, and reductions in mortgage fees. This week will likely be dominated by the release of December’s retail sales data. If consumers felt more confident coming into the Christmas holiday, and opened their wallets a bit wider than expected, we could see stock markets rising, with a small increase in mortgage rates too.”

Ron Witherton, Axiom Financial

In October, the average conventional 30-year, fixed-mortgage rate dropped below 4%, a historic low. In addition the average conventional 15-year, fixed-rate mortgage also fell to 3.28% from 3.72% just over a year ago. These rates have remained steady ever since the historic drop. So what does this mean for you as a homebuyer?

Of course, you need to take into consideration your own financial situation, but if you are planning on taking out a mortgage then with these rates, this could be the perfect timing for you. Essentially, lower interest rates mean a lower monthly payment, more house for your buck. If you were eyeing a home at $200,000 a year ago, you could probably get a home today for $250,000 with the same monthly payment. Depending on how comfortable you are with your finances, you could spend more on a nicer home or buy the home you originally wanted and save money in your monthly payment.  Is this the right time for you to buy? With these rates it very well could be.

If you have any questions or would like to discuss your home buying options, feel free to contact me.

Sources:
Housing Wire
Los Altos Patch